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Transferring £30K to Canada

Transferring £30K to Canada

Old Mar 21st 2018, 6:45 am
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Default Transferring £30K to Canada

Hi all,

I was hoping somebody would be able to advise me on a money transfer I will be looking to complete soon.

I have an savings account that I am looking to close with my bank in the UK and will be looking to transfer around £30K to my Canadian bank account.

Would it be possible to cash out the ISA I have and write a cheque from my UK bank (Halifax) and deposit in my Scotiabank account?

I presume there will be some charges from Scotiabank in this case.

If there are any other suggestions on how to move the monies over to Canada without too much loss would be much appreciated.

Cheers
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Old Mar 21st 2018, 7:13 am
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Default Re: Transferring £30K to Canada

Originally Posted by Mircha View Post
Hi all,

I was hoping somebody would be able to advise me on a money transfer I will be looking to complete soon.

I have an savings account that I am looking to close with my bank in the UK and will be looking to transfer around £30K to my Canadian bank account.

Would it be possible to cash out the ISA I have and write a cheque from my UK bank (Halifax) and deposit in my Scotiabank account?

I presume there will be some charges from Scotiabank in this case.

If there are any other suggestions on how to move the monies over to Canada without too much loss would be much appreciated.

Cheers
One method I use is to register with TransferWise...a UK forex company owned partly by Richard Bransom.
Once registered you then transfer the GBP30K to TransferWise and they will deposit CDN$ into your Scotia Bank account at the rate and fee you accept at the time you wish to transfer/exchange.
It is all written step by step on their website.
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Old Mar 21st 2018, 7:20 am
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Default Re: Transferring £30K to Canada

We’ve used Transferwise a number of times - we usually check the bottomline and they work out the best.
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Old Mar 21st 2018, 11:18 am
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Default Re: Transferring £30K to Canada

<snip>

If you use the link, your first transfer will be FREE for a transfer up to £500

It is very easy to set up as long as you have your UK and Canadian Bank details.

I would transfer a small amount on your first transaction to ensure you have everything configured correctly.

Transferwise costs are 0.45% + 80p for amounts over £3000

£30k will get you $54,768.78 at the current exchange rate $1.83389

Last edited by christmasoompa; Mar 23rd 2018 at 6:02 pm. Reason: Advertising
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Old Mar 21st 2018, 1:27 pm
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Default Re: Transferring £30K to Canada

Originally Posted by Mircha View Post
Hi all,

I was hoping somebody would be able to advise me on a money transfer I will be looking to complete soon.

I have an savings account that I am looking to close with my bank in the UK and will be looking to transfer around £30K to my Canadian bank account.

Would it be possible to cash out the ISA I have and write a cheque from my UK bank (Halifax) and deposit in my Scotiabank account?

I presume there will be some charges from Scotiabank in this case.

If there are any other suggestions on how to move the monies over to Canada without too much loss would be much appreciated.

Cheers
What glendem4 said. Transferwise. Especially the bit about do a small trial transfer first, then once that is proven, transfer the balance. Takes about 2 working days to actually arrive in you Canadian account.
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Old Mar 21st 2018, 1:29 pm
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Default Re: Transferring £30K to Canada

Originally Posted by Davita View Post
... TransferWise...a UK forex company owned partly by Richard Bransom....
Is it? Good heavens. I might have to change to someone different for mine then.

Or just use the bits he doesn't own.
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Old Mar 23rd 2018, 2:29 pm
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Default Re: Transferring £30K to Canada

We had a UK HSBC account and a Canadian HSBC account. We transferred between them. Because of the kind of acccount we had in Canada, we didn't pay fees.
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Old Mar 23rd 2018, 2:42 pm
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Default Re: Transferring £30K to Canada

Originally Posted by Allie73 View Post
We had a UK HSBC account and a Canadian HSBC account. We transferred between them. Because of the kind of acccount we had in Canada, we didn't pay fees.
That's correct Allie73.....the transfer is free but the exchange rate the bank uses is much less than TransferWise.... or many other forex.

The NET amount received is the criteria to work on for comparison.
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Old Mar 23rd 2018, 2:45 pm
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Default Re: Transferring £30K to Canada

Originally Posted by BristolUK View Post
Is it? Good heavens. I might have to change to someone different for mine then.

Or just use the bits he doesn't own.
I talked to Richard last week about your concerns...he said "who?'.... then poured me a glass of champagne.....
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Old Mar 23rd 2018, 4:13 pm
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Default Re: Transferring £30K to Canada

Originally Posted by Mircha View Post
Hi all,

I was hoping somebody would be able to advise me on a money transfer I will be looking to complete soon.

I have an savings account that I am looking to close with my bank in the UK and will be looking to transfer around £30K to my Canadian bank account.

Would it be possible to cash out the ISA I have and write a cheque from my UK bank (Halifax) and deposit in my Scotiabank account?

I presume there will be some charges from Scotiabank in this case.

If there are any other suggestions on how to move the monies over to Canada without too much loss would be much appreciated.

Cheers
Try talking to your banking officer at Scotia (my bank). I did transfer like that last month. I simply wrote a Barclays cheque to myself (£10k) and the officer paid it into my account. The transfer did take a while though.

I got the Scotia exchange rate, which was OK, and Barclays hit me for £30 in fees. Apart from that it was bloody easy.

A lot depends on how much clout you have with your bank.
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Old Mar 23rd 2018, 4:35 pm
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Default Re: Transferring £30K to Canada

Originally Posted by Souvy View Post
Try talking to your banking officer at Scotia (my bank). I did transfer like that last month. I simply wrote a Barclays cheque to myself (£10k) and the officer paid it into my account. The transfer did take a while though.

I got the Scotia exchange rate, which was OK, and Barclays hit me for £30 in fees. Apart from that it was bloody easy.

A lot depends on how much clout you have with your bank.
Cheques are so 20th century.

<snip>

£1000 gets you $1,809.64 with Transferwise. This includes the fee of £5.28 which is a lot cheaper than £30 with Barclays

FYI, Llloyds, RBS and Natwest will give you $1741 for the same £1000.

A no brainer !!!!

Last edited by christmasoompa; Mar 23rd 2018 at 6:01 pm. Reason: Sorry, but no affiliate/referral links
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Old Mar 24th 2018, 1:33 am
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Default Re: Transferring £30K to Canada

Originally Posted by glendem4 View Post
<snip>

If you use the link, your first transfer will be FREE for a transfer up to £500

It is very easy to set up as long as you have your UK and Canadian Bank details.

I would transfer a small amount on your first transaction to ensure you have everything configured correctly.

Transferwise costs are 0.45% + 80p for amounts over £3000

£30k will get you $54,768.78 at the current exchange rate $1.83389
Thanks for the recommendations for Transferwise. Will definitely go with the recommendation to transfer £500 and then move the larger amount.

Last edited by Mircha; Mar 24th 2018 at 1:42 am.
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Old Mar 24th 2018, 3:48 am
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Default Re: Transferring £30K to Canada

Originally Posted by Davita View Post
I talked to Richard last week about your concerns...he said "who?'.... then poured me a glass of champagne.....
He knew who I was when I used to go to that small Virgin record shop by Bristol Bus Station on Saturday mornings in the 70s.
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Old Mar 24th 2018, 8:17 am
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Default Re: Transferring £30K to Canada

Originally Posted by BristolUK View Post
He knew who I was when I used to go to that small Virgin record shop by Bristol Bus Station on Saturday mornings in the 70s.
You are so right....when those people get rich and famous they forget about us little people that bought the wares that made them rich and famous in the first place.
My wife, an avid facebook user, is pissed that Zuckerberg didn't send her a birthday wish...
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